zgator,  I dont think you will have to REMOVE the A/C compressor, perhaps remove the belt and pivot it a little out of the way. In order to get to the pump you are going to need to remove the AIR pump and valving by disconnecting the hoses, not a difficult removal and then the bracket that holds the AIR pump will be easily removable. There are some steel inserts in the aluminum AIR pump bracket, dont loose them as the bracket comes loose.  This should give you plenty of room to get to the water pump.  If I remember correctly, I had remove the pully from the AIR pump in order to get to one of the mounting bolts, there are 3 bolts holding the pully to the AIR pump but they are not difficult to remove.  If the pully tries to turn while you are turning the bolts, pinch the belt to the pully and it should hold the pully to alloy you to remove them.  Once all this is out of the way, the pump is accessible....not easy but accessible.  I don't think you will need to remove the fan shroud.  There is one small hard vacuum line that attaches to the under side of the valve to the AIR pump, make a note of where it attaches before you remove it, as it is not visible once the AIR pump and valve are reattached on the car.  Taking a few digital pics before you start will help with the reassembly in case you forget where something goes.

Your description of the pump sounds correct but Id take my old one with me or at least do a side by side comparison before I started to install just to be sure.  The plug will go in the top port and the hose will connect to the port just above the radiator intake hose.  You will need to either take the threaded nipple off of your old pump or get a new one.  The AIR pump bracket straddles the pipe nipple where the rubber heater hose attaches.  Good luck with the install